Warwick, RI – With the holiday shopping season upon us, U.S. Senator Sheldon Whitehouse met with shoppers at the Warwick Mall today, and discussed his efforts to crack down on unfair credit card interest rates. Whitehouse joined Warwick Mall co-managing partner Aram G. Garabedian for a tour of the mall, during which he talked with individual shoppers and listened to their stories.
“Rhode Islanders deserve to know that they will be able to buy that special gift for a child or loved one without being slammed by unfair interest rates,” said Whitehouse. “Unfortunately, right now, too many of the big banks and their credit card subsidiaries are taking advantage of middle class families through a loophole that allows them to ignore the laws of consumers’ home states and charge sky-high interest rates.”
Last month, Whitehouse introduced the Empowering States’ Rights to Protect Consumers Act of 2011, which would restore the ability of states to protect citizens from sky-high interest rates. Specifically, the legislation would end a loophole that allows credit card companies to move to the states with the weakest consumer-protection laws and “export” high interest rates to other states.
“I think it’s great that Senator Whitehouse took the time today to meet with shoppers here at the mall and hear from them about their experience shopping for the holidays during these tough economic times. His efforts will not only help the shoppers but will also help the stores get additional sales,” said Aram Garabedian. “It means a lot to have the Senator here listening to us, and I know he’ll keep fighting for us in the Senate.”
According to a recent poll by TD Bank, 38 percent of shoppers plan on putting holiday purchases on their credit cards—more than debit cards or cash.
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